Page 67 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

also are now allowed to procure life insurance business.

Some of the important milestones in the life insurance business

in India are:

1818: Oriental Life Insurance Company, the first life insurance

company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life

insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the

first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and

non-life insurance businesses.